Verizon Communications CFO Fran Shammo has confirmed that the company has bid to acquire spectrum licences from Clearwire Corporation.
In an SEC filing released at the end of last week Clearwire said it had received an offer from an unnamed strategic…
Verizon Communications CFO Fran Shammo has confirmed that the company has bid to acquire spectrum licences from Clearwire Corporation.
In an SEC filing released at the end of last week Clearwire said it had received an offer from an unnamed strategic buyer to acquire 5 billion MHz-POPs for between roughly US$1bn and US$1.5bn.
Verizon did not confirm any details of its bid beyond the fact that it had made one.
Clearwire is currently the subject of a US$2.2bn takeover bid from Sprint Nextel, accepted by its board last December. Under the terms of that deal, Clearwire is prohibited from selling any spectrum assets without Sprint’s consent.
A number of shareholders in Clearwire, unhappy with Sprint’s US$2.97 per share offer for the wireless provider, have urged Clearwire’s board to sell spectrum to improve its finances.
Even without the terms of the lodged offer, Clearwire needs board approval to sell spectrum and Sprint already controls half of the company giving it significant clout in the boardroom.
Dish Network also has a bid in for Clearwire – which the target is currently considering – but that offer has been thrown into confusion after Dish moved to acquire Sprint this week for US$25.5bn.
